Business

How To Raise $1 Billion (Or Not), By Whitney Tilson & Glenn Tongue, Kase Learning

How to Raise $1 Billion (or not), by Whitney Tilson & Glenn Tongue, Kase Learning, June 26, 2018.

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Q1 hedge fund letters, conference, scoops etc, Also read Lear Capital: Financial Products You Should Avoid?

Whitney Tilson

How To Raise $1 Billion (Or Not), By Whitney Tilson & Glenn Tongue, Kase Learning

Transcript

Hey everyone. Good afternoon. Why don't we get started. I'm Whitney Tilson and my friend Glenn Tong will introduce himself momentarily. This webinar we're doing is focused on the fundraising process or on hedge funds and other types of investment funds something we spent 20 years doing with some success. Not as much success as we should have. As you'll see in a moment but let me skip to the first slide and the agenda we have today is Glenn and I are going to introduce ourselves and give a quick intro how this weapon our fits in with what we're trying to do here case learning and then turn to the topic of today's Web and our fundraising process. Talk about the opportunity we have that we are actually seized but could have seized to a much greater degree. You know things we did right but also the things we did wrong and then just walk you through the highlights of what an effective sales process looks like for raising capital for a fund. So let's just start with. Let me introduce myself. Here's here's some pictures just going way back to my youth. My parents been married in Peace Corps I grew up in developing countries around the world starting in Tanzania where I first went to school I wanted to be a farmer like all my other classmates Sisyphean the upper left hand corner with my coat. I moved to California. My dad is doing graduate work at Stanford. I was one of the 600 kids of the famous marshmallow test. That's not a picture of me but of another kid agonizing over whether to eat the marshmallow.

I spent three years in Nicaragua move back to the United States lived in western Massachusetts Boston went to Harvard and Harvard Business School where 12 years of Boston Consulting Group started Teach for America and between met my wife when Bill Ackman and I crashed the Harvard Law School orientation booze cruise in Boston Harbor got married and we're approaching our 25th anniversary October of this year. And we now have three wonderful daughters some of whom just graduated from college one of whom just finished a freshman year and one now finished 10th grade. So as far as the business goes I after business school in 1994 I spent five years working with Professor Michael Porter on a nonprofit initiative and got the investing budget. In that period as the late 90s. In hindsight US biddable late 90s bull market genius but I decided to hang out my shingle as the world's smallest hedge fund. On January 1st of 99 with one point one million dollars under management and Bilgin from Nereus all walk you through an abyss. But before I go on through this presentation just want to ask Glen to introduce himself. Good afternoon. Hi I'm Glenn tongue. I did not have as diverse a background a childhood as Whitney. I grew up in West Orange New Jersey went to college at Princeton where I studied electrical engineering and computer science. I worked in my dad's business which on a ton of laboratories and the pay TV equipment electronics for cable television actually worked there since I was about eight. About 10 years old. That was where I was going to make my career. I went to Wharton and got my MBA.

And then after that my dad sold his company so I went to work on Wall Street. I became a managing director at DLJ pretty active investment bank back in the 90s and at the end of 1999 I moved from Dunson Lufkin Jenrette proper over to DLJ Direct an online brokerage firm. And I was the president that firm up through the point where DLJ got sold Credit Suisse and they didn't want that business so we sold that. I moved over to UBS for a couple of years but when I was at DLJ Direct I got the investing but I got to know very very well and decided to to join him a hedge fund is this. I worked with him for eight years. They are a ransom money after that period for a couple of years. I'm now the president of Case learning working with me. With this with this business that that's fine. Before we dive into the slides let me just encourage everyone will we're going to present for maybe a little more than half an hour. But we've got more time. And so how much longer we stay will depend on the questions we get from you. So there is a Q and A button but there's both a q and a button and a chat button. I don't use the hand raising button because there's so many people on this call. We're not going to be able to make the participants fly to ask their questions directly so we encourage you to do is press the q and a button and just take your question in there.